In 2024, China leads in global tax expenditures on fossil fuels for transportation, followed by Australia and Italy. Notable increases are observed in Belgium and Russia, whereas Canada and the United States have seen declines. Ukraine exhibited the highest year-on-year increase, while countries like Colombia and Canada showed declines over the period. The cumulative annual growth rate (CAGR) indicates robust growth in Russia and Belgium and a significant decline in Argentina and Canada, illustrating varied national priorities and economic conditions concerning fossil fuel tax expenditures.
Future trends to monitor include transitioning towards sustainable energy sources, policy shifts impacting fossil fuel subsidies, and the economic influence of fluctuating global oil prices, which could redefine expenditure patterns across countries.
Top countries in Tax Expenditure on All Fossil Fuels for Transportation Share by Country (Million US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 19.3 | 2023 | +6.39% | +5.91% | View data |
| 2 | 2 Australia | 16.53 | 2023 | +3.62% | +1.37% | View data |
| 3 | 3 Italy | 15.29 | 2023 | +3.74% | +0.55% | View data |
| 4 | 4 South Africa | 6.41 | 2023 | +6.52% | +2.35% | View data |
| 5 | 5 Switzerland | 6.25 | 2023 | +10.73% | +0.45% | View data |
| 6 | 6 Ireland | 4.88 | 2023 | +8.2% | -0.36% | View data |
| 7 | 7 Sweden | 3.79 | 2023 | -3.09% | +5.53% | View data |
| 8 | 8 United States | 2.94 | 2023 | +1.01% | -2.3% | View data |
| 9 | 9 Israel | 2.93 | 2023 | +1.53% | +1.25% | View data |
| 10 | 10 Denmark | 2.85 | 2023 | +2.59% | +2.06% | View data |
